Wynn Segall Quoted by Law360 on Secondary Iran Sanctions
Law360, for its article “Iran Sanctions Relief Creates Murky Compliance Landscape,” quoted Akin Gump international trade partner Wynn Segall on the United States’ move to install a firm distinction between subsidiaries and parents as it pertains to a general license for foreign subsidiaries.
According to the article, the general license allows entities that are owned or controlled by U.S. companies to fairly compete with other international companies, but requires a substantial firewall between parents and subsidiaries so as to protect the parent from exposure under the extant embargo for its subsidiary’s dealings in Iran.
Segall noted that this distinction creates challenges, adding, “It’s a practical business question of how feasible will it really be for foreign subsidiaries to engage in business with Iran if they have to truly be walled off from the parent’s organization.”
Recently, Segall discussed the United States’ lifting of Iran sanctions and its potential impact on businesses with CCTV. To read more, please click here.